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 Replies: 18 / Views: 4,087 |
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Pillar of the Community
Canada
2632 Posts |
I was searching USA cents about a year ago and found plenty of older ones right back to 1916. The problem is if you roll them back up and take them back to the bank in Canada you loose the exchange rate. I inquired about that and was told thats the way it is for all coinage, and you only get the exchange rate back for bills. So if you live close to the border or have a bank that will give the exchange rate back to you then searching USA coins isn't really worth the gamble. IMO
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Rest in Peace
United States
17900 Posts |
Wow. That's quite a change in a very short time. That will not only reduce the number of older coins quickly, but may cause some coins previously considered common to become scarcer.
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Pillar of the Community
Canada
5324 Posts |
They kind of had to with the new 2012 security loonies and toonies, in their wisdom the RCM made these two coins slightly smaller and lighter to monkey up the vending industry. |
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Pillar of the Community
Canada
2426 Posts |
Quote:
I was searching USA cents about a year ago and found plenty of older ones right back to 1916. The problem is if you roll them back up and take them back to the bank in Canada you loose the exchange rate. I inquired about that and was told thats the way it is for all coinage, and you only get the exchange rate back for bills. So if you live close to the border or have a bank that will give the exchange rate back to you then searching USA coins isn't really worth the gamble. IMO] All funds deposited into a US Dollar account here in Canada are deposited as US funds therefore you will not lose anything. US money is US money. |
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Valued Member
Canada
155 Posts |
No I was told same thing at the bank only bills count,change doesn't count.
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Pillar of the Community
Canada
1700 Posts |
Interesting that this doesn't happen in the US. Are the half dollar and the one dollar exceptions to the rule?
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Pillar of the Community
Canada
2845 Posts |
Quote:
Interesting that this doesn't happen in the US.
I think the difference is in the US, US coin in their legal tender. Generally, the reason Cdn banks accept US banknotes on deposit to US$ bank accts or for immediate exchange is because they simply recycle it to Cdn buyers of US currency and I'd suspect most often demand exceeds supply, considering the majority of us are in the habit of buying at least a limited amount of US cash before we cross over the border. But likewise, who in Canada would want buy US coin? Probably nobody and the cost to ship US coin to the US considering the weight would likely be greater than face value. Lots of people save US coin.....they either take it over the border to exchange at a US bank for US banknotes or deposit it to a US dollar bank account. Edited by wildflowerAB
03/24/2016 9:23 pm
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Pillar of the Community
Canada
2426 Posts |
I can tell you first hand that if I deposit fifty cents US into my Us account and do the same thing the following day, I will then be able to withdraw $1 Greenback.
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Pillar of the Community
Canada
2845 Posts |
Darryldarryl, there's likely exceptions.....consider yourself special!
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Valued Member
Canada
148 Posts |
 Holindaze This brings up a topic that I find very worrisome. The Alloy Recovery Program seems to be very successful as I rarely find anything except post 2002 coinage. Plated steel and an effigy you don't have to look twice at. Personally I have lost interest in current coinage. I used to find many semi goodies in change alas no more. I believe drawing in new collectors of circulating coinage may diminish, as they are forced to have to buy older coinage because it no longer circulates. Sounds crazy but probably have better luck roll hunting US rolls for past Canadian coins than Canadian rolls.  |
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Pillar of the Community
Canada
4227 Posts |
When I worked in banks years ago, some (usually large, commercial branches, like the one I worked in) would handle US coin, but most don't. We'd only take it rolled.
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Pillar of the Community
Canada
2845 Posts |
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Valued Member
Canada
155 Posts |
darryldarryl where do you live and what bank do you deal with
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Pillar of the Community
Canada
2426 Posts |
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Pillar of the Community
United States
885 Posts |
I found this topic interesting because I have some older CA coins that I want to unload and did not know until now that there might be hope of numismatic value beyond putting them back into US circulation the same way I got them. I have doubts but there is always hope. If CA is destroying old coins maybe the survivors have value beyond their intrinsic metallurgical composition melt value. I am guessing that is not the case in the foreseeable future.
Edited by PlumCrazy814
03/25/2016 02:12 am
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Replies: 18 / Views: 4,087 |
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Posted 03/24/2016 1:30 pm
